Press Release

7th December 2012

Mareel

SIC Political Leader Gary Robinson: “There seems to be some uncertainty about the status of the £600,000 funding to Shetland Arts Development Agency approved by Members earlier this week. At this early stage this is neither a grant nor a loan. It could perhaps be best described as most like an overdraft facility. The funds will be held by the Council, and only advanced to SADA after our accountants have scrutinised and authorised each request.

“This is not a gift. If and when any funds are drawn down, they will become a loan at commercial rates of interest – unless and until the Council decides to convert them into something else, such as payment or part-payment for assets.

“I’d like to point out that we are at the early stages of this process, and officers are working very hard on this at the moment.”